GameStop rally lifts Roaring Kitty’s stock price to $1 billion
Keith Gill, a stock trader famous for shorting GameStop (GME) in 2021, is on his way to becoming a billionaire as GME stock price continues to surge.
Gill, also known by his Internet nicknames “Roaring Kitty” and “DeepFuckingValue,” said he resumed trading GME on June 2. This time she has $180 million to play with.
The trader posted a $115.7 million position in GME stock and $65.7 million in call options on his Reddit account.
GME shares rose as the stock market was shaken again as traders uncovered yet another position in GME. Robinhood’s overnight market saw GME rise 19% within 20 minutes of posting, while GME ended 2024 with its stock up 38.8%.
The price of GME is currently $46.55, up 118% since Gill shared the position.
Growling Kitty Who Will Become a Billionaire
Global capital markets analysts at The Kobeissi Letter believe Gill is “about to become a billionaire” as GME shares surged to $67.50 per share in after-hours trading. If GME opens at current levels, Gill’s positions would be worth a combined $1 billion, according to stock analysts.
Analysts also highlighted that GME stock closed 110% higher than on June 6, adding $9.5 billion to its market cap over the past 12 hours. This brings the company’s value to $20 billion, making it one of the top 400 publicly traded companies in the United States.
Related: E-Trade ponders booting meme stock trader Roaring Kitty: WSJ
Gil faces market manipulation investigation
On June 3, Citron Research, a prominent GameStop short seller, criticized Gill’s move. The company accused Gill of manipulating the markets in the X post and claimed the trader was collaborating with others. They wrote:
“We believe someone is backing Gill. There is no way he could have closed a deal of this magnitude on his own. His reported finances do not support this deal. “Investors will see right through this roaring Icarus.”
On June 4, securities regulators in Massachusetts reportedly opened an investigation into Gill’s movements. In an interview with CNBC, Lisa Braganca, a former Chicago SEC official, said the investigation will examine whether Gill is “moving the market.”
She explained that regulators would check whether Gill was potentially collaborating with others or engaging in illegal activity. Braganca pointed out that regulators could see Gill’s texts or emails, or even communications on social media platforms Reddit or X.
“They are concerned that this is an attempt to manipulate the market and make money for themselves through illegal disclosures,” Braganca added.
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